SAN JOSE, Calif., March 27 /PRNewswire-FirstCall/ -- Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company") today announced results for the three months and the year ended December 31, 2008. For the three months ended December 31, 2008, net revenue was $228,000, representing a 41% decrease from revenues of $389,000 in the prior year period, and resulted in net loss of $(58,000) ($(0.01) per share) as compared with net income of $38,000 ($0.01 per share) for the same period in 2007. For the full year, net revenues of $992,000, were 23% less than revenues of $1,291,000 generated in the prior year. The net loss in the current year of $239,000 ($0.06 per share) was $223,000 higher than the $16,000 loss ($.00 per share) recorded for the full year of 2007. Net cash utilized for the full year of 2008 was $530,000, less than a 5% increase from the $501,000 utilized in the year 2007.
"The revenue reduction in the fourth quarter and the full year was attributable to a significant reduction in purchases by our largest and first multinational licensee of pheromones. Over the past 10 years we have been principally dependent on purchases by this customer for revenue generation. Total product revenues decreased by approximately 50% from this customer in 2008," a spokesperson noted.
"Over the past couple of years, we developed a multi-faceted program to be less dependent on any one customer, seek additional licensees in the U.S. and abroad for our original pheromone technologies, complete scientific validation on our most promising mood-enhancing compound and present the results to consumer marketers. With respect to the first strategic imperative, during 2008, licensing revenue increased to $604,000, a 15% growth from the prior year, primarily attributable to new agreement with a multinational corporation. Discussions are ongoing with potential licensees and we are also in discussions to broaden the channels of d
|SOURCE Human Pheromone Sciences, Inc.|
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